deep dive into one of Chennai’s hottest real estate destinations
Driven by the Chennai government's commitment to
developing the city as a leader in IT and IT Enabled Services, OMR or Old
Mahabalipuram Road is a stretch of 45 KM with
Adyar’s Madhya Kailash temple on one end and Mahabalipuram on the other.
The road converges with another major highway - East Coast Road (ECR) and
provides easy access to the localities of Thiruvanmiyur, Palavakkam and
Neelankarai and other well-developed areas such as Perungudi, Thoraipakkam,
Karapakkam, Sholinganallur, Kelambakkam, and Semmancherry.
Generating nearly 3/4th of Tamil Nadu's entire software
exports, OMR has steadily developed as a premier IT destination and is home to
many large IT parks, such as SIPCOT IT Park, TECCI Park, and Tidel Park—Asia's
largest IT Park. With over 1.3 Lakh employees working in the OMR belt, it’s no
wonder that the apartments in OMR have seen a spurt along the entire
In terms of getting around, OMR is very well connected
both internally, i.e. with smaller localities and also with other areas around
Chennai. Arterial and link roads such as the Thoraipakkam-Pallavaram Radial
road, the Maraimalai Adigal Bridge-Irumbuliyur Road and Medavakkam-Karapakkam
road facilitate easy commute to different parts of the city.
For intercity and interstate travel, Chennai's Central Railway Station is only around a forty-minute drive away via the Rajiv Gandhi
IT Expressway. For longer journeys or international travel, Chennai
International Airport is easily accessible via the Chennai-Nagapattinam
What's Powering OMR’s Growth?
The growth of OMR from a real estate perspective is
easily attributed to one primary factor: the burgeoning IT sector in the area.
With the presence of several prominent IT parks housing well-known
multinational companies in OMR, Chennai, the corridor has become one of the
most critical employment nodes in the state. With the TN government's push to
develop this area further, developers are scrambling to increase their presence
here as well.
Naturally, with over 1.3 lakh people living and working
in the OMR belt, the social infrastructure has developed rapidly with some of
the best educational, health and entertainment centers located in this area.
American International School, Sishya OMR School, St.
Joseph's College of Engineering
Apollo Hospital, Global Hospital
& Restaurants: 20+
Vantage Plaza, DLF Mall, Phoenix Market City
A clear vision and direction from state leaders have
seen numerous major infrastructure projects approved, which will significantly
reduce travel times for the large IT workforce commuting daily via OMR. The
CMRL and TNRDC projects—the Elevated Metro Rail from Taramani to Siruseri and
extensive bus services from the Perungudi, Thoraipakkam, and Sholinganallur bus
stations along with many others—bolster the connectivity of the place. Also,
the planned Purple Metro Line that reaches around 50 stations, of which
60% is located on the OMR stretch, will
give a significant commercial boost to the realty growth of the surrounding
Chennai International Airport: 38km
Chennai Central Railway Station: 45km
National Highway: 1Km
Why OMR is a Good Investment Bet?
According to a leading real estate aggregator website,
the per sq. ft. price of land in the OMR belt has appreciated by a staggering
52% over the past year, with property prices in OMR, Chennai
currently hovering between INR 3,400 to INR 6,200 per sq. ft.
According to CS Vinod, a real estate consultant with
Hanu Reddy Realty India Pvt. Ltd, "OMR
has a high potential for growth and price appreciation. The area has a bright
future. There is a huge supply of apartments in this area. Flats are easily
available while land supply is limited. Thus, independent houses are getting
expensive and such investment can earn you more than 10 per cent yearly
returns. The average value of residential houses in OMR is increasing
significantly. Prices are also not too high so buyers get attracted to this
Unsurprisingly, the booming demand for IT and ITES is
hiking this price. Developers, in turn, are continuously launching new projects
to take advantage of the growing IT workforce and the upward demand trend. With
the Chennai City Corporation taking over administration of the OMR belt, even
greater focus will exist on new infrastructure developments and projects. All
these factors combined will ensure a steady appreciation for properties for sale